StarMine, an independent firm that rates financial analysts, has released a list of Wall Street’s best stock pickers for 2001 – analysts who not only didn’t blow it for investors (think Enron, dot-coms) but whose recommendations actually paid off for investors, and handsomely.

Unlike other lists of star analysts, which are popularity contests, StarMine looks at statistics -specifically how much investors would have made by following analyst calls.

Bryan Maher, senior lodging and gaming analyst at Credit Lyonnais, credits his spot on the list to two good calls: He was neutral last August, so avoided the meltdown that followed the Sept. 11 terrorist attacks; and on Sept. 20, the week the markets reopened, he upgraded.

Good call, especially for an analyst at a company that also does investment banking business with the companies it covers. Most of the analysts who made StarMine’s list of the best work for independent brokers like A.G. Edwards and Barrington Research.

These days, Maher is cautious about the 21 companies he covers – some of which are trading at twice the levels of their September lows. Maher thinks that’s too high.

“Stocks have had such a rebound off of 9/11, they’ve really priced in all good things through the end of next year,” he said.

He recommends that investors hold off on the lodging and gaming sector for a while, though its dedicated investors should plan to stick around through the end of the cycle – 2004, 2005 – and “continue to add to selective positions.” Those positions include Host Marriott, La Quinta and Starwood Hotels.

His top pick is Phillips Petroleum, the fifth-biggest U.S. oil company which is buying Conoco, to become ConocoPhillips. “The rationale there is that while this is a merger of equals, for accounting purposes, Philips is acquiring Conoco at a 10-15 percent discount from fair value, in my opinion,” he said. Instead of paying a premium, shareholders are getting a deal.

Bear Stearns’ restaurant analyst Joseph Buckley is more optimistic overall about the companies he covers. “Business has been quite good. The restaurant business proved to be very resilient,” he said.

Buckley likes the casual dining area, where his picks include Brinker, Applebees and Ruby Tuesday. Outside of that, he likes AFC Enterprises, Wendy’s and Ryan’s Family Steak Houses.

Stephens Inc. banking analyst James Schutz thinks this year will be marked by an easing of asset quality concerns, economic improvement, raised interest rates and a steep yield curve, which is good news for banks.

BankAtlantic shot up more than 130 percent last year, but he’s sticking with it: “We decided to let our money run, and still felt that it was undervalued.” Like last year, he likes small cap Superior Financial best – as well as Greenpoint, Household International and PNC Financial Services.

Analyzing the analysts

Readout: Even as lousy Wall Street analysts kept recommending stocks like Enron and Global Crossing even as they teetered into bankruptcy, good analysts made excellent calls that made money for the investors who followed them. Here are some of the stars from 2001, and the stocks they’re recommending now: